Thursday's Asia ADR Recap

Stocks in mainland China continued to slide lower after some leading power companies issued profit warnings. The Shanghai Composite Index fell 68.85 points, or 2.1%, to 3,222.74, and Hong Kong's Hang Seng Index jumped higher by 380.61 points, or 1.6%, to 24,258.96.

Chinese alternative energy company ReneSola (SOL Quote) fell 2.5% Thursday despite raising its 2008 guidance and closing a six-year wafer supply deal. The company said full-year production output for 2008 will now come in between 310 and 320 megawatts (MW), vs. previous estimates of 300 MW. Net revenue for 2008 is expected to come in between the range of $530 million to $550 million, vs. Wall Street estimates of $521.6 million. ReneSola also singed a six-year wafer supply contract with Shenzhen Topray Solar. American depositary shares of ReneSola finished down 39 cents at $15.08.

The bullish forecast out of ReneSola did little to help the rest of the Chinese solar complex. Shares of solar leaders fell across the board, led by Canadian Solar (CSIQ Quote), which dropped 7.2% to $25.85; Suntech Power (STP Quote), which slipped 6.2% to $44.45; SolarFun Power (SOLF Quote), which fell 4.3% to $14.62; and Trina Solar (TSL Quote), which slid 4.1% to $42.72.

Chinese residential real estate developer Xinyuan Real Estate (XIN Quote) announced it has bagged the 2008 top 100 Chinese real estate companies award by the China real estate top 10 committee. The company also received the 2008 top 100 Chinese real estate companies with greatest growth potential award. Shares of Xinyuan rose sharply by 6.2% to $10.11.

Chinese business software providerCDC (CHINA Quote) announced its CDC Software division expects to report revenue for the first-quarter of 2008 between the range of $84.6 million to $85.6 million, which would represent a record first-quarter number and a 12% jumped from $76.2 million for the first quarter of 2007. Software licensing revenues are expected to be $12 million, which would be a 15% fall from $14.2 million for the first quarter of 2007. Shares of CDC fell 4% to $3.78 on slightly higher-than-average volume.

Be sure to check out the Far East Portfolio at Stockpickr.com every night to find out which stocks in India and China are making big moves and announcing major news.

For more on Asia, check out Daniel Harrison's coverage at TheStreet.com.